Iberdrola completes purchase of Aalto Power SAS fromAiolos and Caisse des Dépôts et Consignations

Iberdrola has completed the acquisition of the French renewable energy company Aalto Power, owned by Aiolos and Caisse des Dépôts et Consignations for EUR100 million (US$108.48 million).

Founded in 2005 and based in Marseille, Aalto Power already has 118 megawatts (MW) of onshore wind power operating in France and has a portfolio of onshore wind projects in that country, adding another 636 MW, which is in different stages of development.

The operation closed today, which was subject to compliance with the usual suspensive conditions in this type of transaction, mainly the authorization of the French Ministry of Economy is part of Iberdrola's commitment to strengthen its presence and growth in renewable energy in France.

The acquisition of Aalto Power also aims to reinforce Iberdrola's ambitious growth plans in the French electric power commercialization sector, where it aims to have one million customers by 2023.